The mortgage industries two government sponsored enterprises opened 2024 with new solid first-quarter financial results. Fannie Mae and Freddie Mac reported their first-quarter earnings last week. Both continue to grow their revenues and profits in a market challenged by housing affordability issues.
The Federal Housing Finance Agency (FHFA) has proposed a new mortgage product it hopes will give homeowners a way to tap into home equity without surrendering the low rates they locked in the last several years. The agency sent a notice of a proposed new product to the Federal Register, which would enable Freddie Mac to purchase single-family closed-end second mortgages.
The transition from a three credit report requirement to two reports — known as bi-merge credit reporting — for single-family loans acquired by Fannie Mae and Freddie Mac has faced its share of obstacles. Another potential roadblock to this change was introduced last week.
In case you weren’t aware, 2024 is a presidential election year. That means the usual campaigning and debating is ramped up many times beyond the usual rhetoric of non-election years. Though not as prevalent as other political topics, the housing and mortgage industries are not immune from legislators and policymakers trying to score political points.
President Joe Biden made housing and mortgages a key topic in his State of the Union speech last week, proposing a number of tax credits and proposals to help create more supply and improve affordability. While the President’s housing proposals received mostly positive feedback, one idea met with resistance.
Effective September 1, 2014, USDA will replace the 7 CFR 1980-D regulations with the 7 CFR 3555 regulations for its guaranteed rural housing program. The new handbook will house all previous administrative notices (AN’s) and the existing rules in one comprehensive document. The new handbook will also include all rule changes based on regulation 7 CFR 3555.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Are you aware that there is a zero down program available? And no, it isn’t VA. The USDA offers the Rural Housing Loan Program that is available to mid and low income persons in rural area.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
On May 11th, USDA announced that they would continue to issue Conditional Commitments for Guaranteed Rural Housing loans until even after 2010 appropriated funds has been exhausted. Their bulletin stated that such Conditional Commitments would be issued with a condition stating “subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans.”
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Written By: Stacey Sprain
As an FHA originator, processor or underwriter, it’s likely that in the ongoing foreclosure market you’ll run across a HUD REO loan at some point. The purpose of this multi-part article is to provide you with some useful information to help in your endeavors.